• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Treasury Secretary Scott Bessent Discusses Bitcoin Reserve Plans

user avatar

by Giorgi Kostiuk

2 hours ago


U.S. Treasury Secretary Scott Bessent reassured the market by reaffirming plans to create a strategic bitcoin reserve amid concerns raised by earlier statements.

Statements from Scott Bessent

In a post on X on Thursday, Bessent stated that the Treasury is committed to exploring 'budget-neutral pathways' to purchase bitcoin, reiterating the administration's goal to make the U.S. a 'bitcoin superpower'. He confirmed that forfeited bitcoins will form the foundation of the reserves.

Market Reaction to Comments

Despite the positive statements, earlier comments made in an interview with FOX Business regarding the government's reluctance to purchase bitcoin directly triggered a sharp market reaction. According to CoinGecko, bitcoin’s price dropped from $121,073 to $118,886 within 40 minutes, resulting in a loss of nearly $55 billion in market capitalization.

Future Plans for Bitcoin Reserves

Bessent emphasized that the Treasury has no plans to liquidate its existing holdings, estimating the value of the Strategic Bitcoin Reserve between $15 billion and $20 billion. Data from BitBo indicates that U.S. holdings amount to 198,012 BTC, approximately $23.5 billion at current values.

Scott Bessent's remarks clarify the U.S. government's plans for building a strategic bitcoin reserve amidst market volatility and criticism of execution speed.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

BlockDAG Emerges as Popular Crypto Presale with Record Fundraising

chest

BlockDAG attracts investor interest with $376 million raised and is building an active ecosystem ahead of launch.

user avatarGiorgi Kostiuk

BlockDAG Attracts Attention with $376 Million Presale

chest

BlockDAG raised $376 million in presale, surpassing competitors, and is gearing up for the launch of its Layer-1 solution.

user avatarGiorgi Kostiuk

Ethereum: Potential Price Growth to $6000 Amid Supply Drop

chest

Ethereum's exchange supply drop to 12% indicates potential price growth towards $6000, supported by institutional investments.

user avatarGiorgi Kostiuk

Top Cryptocurrencies for 2025: Analysis and Trends

chest

Discover which cryptocurrencies are set to be the best in 2025, focusing on active communities and user engagement.

user avatarGiorgi Kostiuk

Federal Reserve Shifts Its Course on Cryptocurrency Regulation

chest

The Federal Reserve revises its cryptocurrency regulation, which may impact the financial sector.

user avatarGiorgi Kostiuk

OpenAI: Future Investments in Artificial Intelligence Development

chest

OpenAI aims to spend trillions on AI infrastructure, discussing new financial instruments and IPO plans.

user avatarGiorgi Kostiuk

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.